Dáil Éireann Debate, Wednesday - 18 April 2012
257 Deputy Bernard J. Durkan asked the Minister for Finance the extent to which this country remains on course in respect of fiscal and economic targets identified over the past year; the way this compares with other EU member states, eurozone or otherwise; and if he will make a statement on the matter. [19542/12]
View answerThe first quarter Exchequer figures show that we are on course to reach the 8.6 per cent of GDP deficit target — in general government terms — for this year. While there are no economic targets per se the Government is pursuing an agenda to facilitate the return of sustainable economic growth, and in this context the resumption of economic growth last year is encouraging. Furthermore as the Deputy will be aware the Government does publish a set of economic forecasts, covering a wide range of macro-economic variables. For instance, the current forecasts are for real GDP and GNP growth of 1.3 per cent and 0.7 per cent this year respectively. These forecasts are currently being re-assessed and updated forecasts will be published in the Stability Programme Update at the end of this month.
In terms of comparison with other EU Member States, there is considerable diversity with regard to economic forecasts for this year. However, for the EU as a whole, GDP is projected to be flat for this year.
In relation to whether other Member States are on course to meet their fiscal targets, clearly it is too early to be definitive at this stage. However, what I can say is that all Member States remain committed to correcting their excessive deficits within their country-specific timeframes, and to pursue policies that will underpin future economic growth.
